August 8, 2006 – Applied Materials has sold its Sylvan Business Center in Danvers, MA ,for $16.7 million to Tea Light LLC, an entity managed by The Goggin Co., after the site had sat idle for several years, according to the Boston Business Journal.
The 250,000 sq. ft R&D park was originally a light bulb manufacturing facility for Osram Sylvania. After being vacant since 1998, Applied signed a lease in Sept. 2001, and bought the site in 2002.
The company was expected to move into the space after a multimillion-dollar redesign and renovation, but apparently never did — the property was never occupied and is currently vacant, according to the report.
Tea Light plans to upgrade the office and R&D facility, and add amenities such as a fitness center. Structural improvements also will be addressed, such as a new roof, lighting fixtures, and HVAC.